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Mike Zagaris has been talking about it since this market cycle began. The foreclosure crisis has been a bane to some, and a boon to others. However, “We’ve found the bottom,” Zagaris said. “The financial institutions have seen the light and are allowing the market to find its own level.” Banks are moving their inventory of foreclosed upon houses, bringing qualified homeowners into the market with heavily discounted properties and sound lending strategies amidst great interest rates.

At PMZ Real Estate, we’ve seen the bottom in our rear view mirror and we’re riding the wave back to the top. Bloomberg points out in there most recent Exclusive story, California’s Discount Foreclosure Sales Point to Housing Bottom, that there are, indeed, good times coming and that there is opportunity available now in the housing market.

Right now there is EXCELLENT opportunity for homebuyers and investors. Home prices are on an average discount of 30-40% according to Bloomberg. Even with the bidding wars going on with foreclosed properties, people are still walking away with huge discounts on the properties they purchase. And, interest rates are still attractive; no where near the 14% they were in the 80’s.

Interested in learning more? Check out the Bloomberg article for an even more informative look at where the housing market is taking us.

Hey there!

This is the first Podcast for PMZ Buzz, EVER!

Today we talk about:

• Foreclosures and the first time homebuyer
• Property taxes and your home value

Thanks for listening!

 

 PMZ Buzz Podcast - April 2, 2008 [4:15m]: Play Now | Play in Popup | Download (155)

An abundance of homes for sale, aggressive pricing and low mortgage rates has created the “perfect storm” for homebuyers in 2008. And, with spring fast approaching, typically the busiest season for home sales, prospective buyers are gearing up for weekend model home tours and open house events

“As spring approaches, we expect to see buyers who have been sitting on the fence begin to take action,” said Jackie Alexander, a vice president of sales and marketing for Beazer Homes, one of the nation’s top-10 home builders. “More and more people are waking up to the tremendous buying opportunities that are out there today.”

Indeed, the National Association of Home Builders reported in February that prospective buyer traffic has picked up considerably in model homes across the country. And, a recent consumer poll conducted on behalf of Beazer found that 64 percent of respondents believe that for those with good credit and a down payment “this is an ideal time to buy a home.

Alexander advises those shopping for a new home to develop a list of questions to ask sellers along with their must-have features. She says doing the due diligence up front is the key to getting the most “bang for the buck” in the current housing market.

Read the rest of this entry »

The Manteca Bulletin is reporting 143 homes in Manteca alone with sales contracts pending, in comparison to January’s 16 homes sold.

Allison Chinchiolo of PMZ Real Estate said she wasn’t surprised at the figures noting that now is “an opportunity of a lifetime,” for long-term home buyers looking for an investment or income property.

She also notes that “It’ll probably be six months before the major media makes note” of the positive market shift in the Real Estate industry. “By then, it will have been well underway,” said Chinchiolo.

Interest rates are at historic lows and selection throughout every market has increased, creating competitive pricing and incentives to get buyer’s into homes.

Try a home search on PMZ.com and see what you can find.

Tags: fallinghome prices, manteca bulletin, deals, investment

Despite plenty of evidence to the contrary, 77 percent of homeowners believe that their homes are worth as much or more as they were in 2006, according to a Harris Interactive survey conducted for Zillow.com.

And 36 percent say their homes increased in value in 2007.

The slow market also isn’t discouraging homeowners from major transactions. Despite what they read and hear about the real estate market, 34 percent say they are equally or more likely to consider selling their homes this year, and 35 percent are just as likely as before to take out a home equity loan. 36 percent would consider a second mortgage.

Homeowners continue to forge ahead on projects that they believe improve the value of their homes. In 2008:

82 percent will spend the same or more on minor home improvements (install new garbage disposal, repaint or wallpaper a room).
67 percent say they will spend the same or more on major home improvements (replace the roof, remodel the kitchen).

Are people just in denial? Not really, says Stan Humphries, Zillow.com vice president of data and analytics. “This likely reflects the fact that most Americans have not realized home-related losses because they’re staying in their homes,”

Source: Zillow.com (02/07/2008)

Forecasters who are looking ahead to 2008 see greener homes, high-tech comfort, and still-flat market.

Here are three key trends in the housing market that they observe:

* The color of the year is green. Surveys indicate that people will pay up to $5,000 for “greening” a home, says David Pratt, a principal in the Lorax Partnership consulting firm and president of the Baltimore chapter of the U.S. Green Building Council. “Green is in because there is a higher level of awareness now of the issues surrounding the environment and, specifically, global warming.”

* High-tech comfort is in. Demand is on the upswing for amenities such as massaging bubble jets in tubs, mirrors with built-in, vanishing television screens,; super-quiet garbage disposals that are heavy-duty enough to crunch most dinner waste, dual-temperature beverage centers (warmer for wine, cooler for soda), and gas fireplaces with battery backups so they generate heat when the power goes out. “People are nesting and putting nice stuff in their houses,” says Brett Schoolnick, president of the Baywood Design & Build Group in Columbia, Md.

* Home prices will continue to fall. “The buyer has become disengaged from this market. They think prices will fall. So they wait to purchase. Then that puts downward pressure on the market,” says Anirban Basu, chief executive of the Sage Policy Group, “My sense is that the bottom of the housing market is likely to arrive sometime after 2008.”

via: The Baltimore Sun, Andrea F. Siegel